Houston-based Pennzoil Co. posted a profit for...

Houston-based Pennzoil Co. posted a profit for the fourth quarter, compared to a loss for the same period a year earlier, while full-year net income decreased. Quarterly earnings include a $32-million after-tax gain on the recovery of excess assets from the company’s salaried retirement plan. A spokesman said that a portion of the drop in 1986 earnings was due to lower prices for crude oil, liquids and natural gas, as well as lower natural gas sales volumes.